MRF Limited (MRF) Stock - Complete Technical Analysis - Sep 25, 2024

In-Depth Technical Analysis of MRF Limited Trading Insights and Strategies

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. Today, were diving into a detailed technical analysis of MRF Limited stock. Currently trading at 139,156, MRF is positioned 8.11% below its 52-week high of 151,445, reached on February 23, 2024, and 30.78% above its 52-week low of 106,405 from October 9, 2023.

Analyzing the indicators, we see that the RSI is at 60.04, suggesting that the stock is nearing overbought territory, but theres still room for upward momentum. The MACD level is at 453.61, indicating a bullish momentum, while the ADX is low at 10.96, suggesting that the stock is not in a strong trend phase currently.

The Stochastic oscillator is significantly high at 85.67, indicating that MRF may be overbought, while the Stochastic RSI shows extreme bullishness at 98.06. This could signal a potential price correction if selling pressure increases. The CCI is also elevated at 219.75, further supporting the overbought condition.

For moving averages, the 10-day EMA is at 136,837.8, indicating immediate support. A key resistance level to watch is around 142,500, identified from an inside candle pattern formed on August 8, 2024, with a 34-day trading range. If MRF breaks through this resistance, it may lead to new highs. On the downside, the 50-day SMA at 136,345.37 offers solid support, along with various pivot points that indicate strong price action levels.

In summary, while MRF is currently showing strong bullish signals, traders should remain cautious of the overbought indicators and watch for potential corrections. Keeping an eye on key support at the 50-day SMA and resistance at 142,500 will be crucial for making informed trading decisions.